Report Overview

The global side view camera system market was worth USD 76.3 million in 2020 and is further projected to reach USD 302.4 million by the year 2027, growing at the CAGR of 18.6% in the forecast period. global side view camera system market is growing because of factors like the increasing demand for passenger and commercial vehicles and the expanding automobile manufacturing with the growing preference for using light-weighted parts for making automobiles energy efficient.

Global Side View Camera System Market- Industry Trends & Forecast Report 2027

The global side view camera system market was worth USD 76.3 million in 2020 and is further projected to reach USD 302.4 million by the year 2027, growing at the CAGR of 18.6% in the forecast period. Several factors are attributed to the growth of this market, such as increased demand for passenger and commercial vehicles, and thus, an expansion in automobile manufacturing. A growing preference for light-weighted parts in automobiles is also expected to drive the growth of the global side view camera market in the forecast period.

Source: BlueWeave Consulting

Global Side View Camera System Market- Overview

The side view cameras are installed in place of the interior rear-view mirror and exterior side mirrors to enhance the view of the driver by offering better and clearer images. When turning or overtaking, you can reduce blind spots using side view cameras. From the driver's perspective, this is an efficient technology since the images from the outside of the car are visible on the inside, which further enhances the safety of the driver. Several leading car brands such as Nissan Versa, Nissan Rogue, Kia Optima, Land Rover Range Rover, etc., are introducing side view camera systems into their new launches.

Global Side View Camera System Market Forecast and Trends

Growth Drivers

Increasing Preference for Light-Weighted Vehicles

The popularity of lightweight vehicles is increasing because of a variety of factors, and car manufacturers are incorporating technologies that reduce weight and improve aerodynamics in their models. This is a major factor driving the growth of the global side view camera system market. Since the camera replaces the mirror, it is slim and smaller in size, which further reduces wind noise. Moreover, lightweight vehicles with side-view cameras enhance performance by requiring the engine to work less, more efficiently, resulting in more fuel efficiency.

Rising Safety Features in Automobiles

Passenger and commercial cars equipped with side view camera systems provide an enhanced view of the surroundings, improve passenger visibility, and offer a 360-degree view of the surroundings. Since road accidents are on the rise throughout the globe, automobile manufacturers are equipping their products with advanced safety features, such as dual-front airbags, rear parking sensors, and speed-sensing door locks, including rearview camera systems, in order to lessen the number of fatalities. For instance, a possible issue regarding the driver-side air bag module assembly of Toyota's Urban Cruiser subcompact SUV has prompted the recall of 9,498 units manufactured between July 28, 2020, and February 11, 2021. Due to automobile manufacturers prioritizing such safety factors, the global side view camera market is expected to grow over the forecast period.

Restraints

High Dependence on Technology

Although side-view camera systems are highly advanced, their use is still limited to luxury cars. This acts as a major obstacle to the growth of the global side view camera system market. In adopting the side view camera system, the price of the cars could increase, which may not be well received by the public. Despite the fact that automobile manufacturers are working on launching affordable camera systems, price-sensitive markets in developing economies, such as India, still prefer mirrors, which are affecting the sales of side view camera systems.

Impact of COVID-19 on Global Side View Camera System Market

The global demand for side view camera systems took a hit due to the COVID-19-induced pandemic. This is because of the temporary ban on automobile manufacturing activities due to the nationwide lockdowns imposed by the governments of different countries to curb the spread of the deadly virus. As a result of the downturn in economic stability, the demand for passenger and commercial vehicles declined, causing a decrease in the demand for side view camera systems. Additionally, the global side view camera system market was also put at a disadvantage by the reduction of R&D activities.

Global Side View Camera System Market - By Camera Type

Based on camera type, the global side view camera system market is segmented into single-camera systems and multi-camera systems. The multi-camera system segment captures the largest market share and is likely to maintain its dominance even during the forecast period. This system offers an overall 360° view of the surroundings to the driver. Side view cameras are particularly useful for parking, as they provide a full view of the vehicle's surroundings, including obstacles and lines. Additionally, they prevent collisions with walls or other vehicles, which is why this specific segment is booming at such a rapid pace.

Global Side View Camera System Market - By Component Type

Based on component types, the global side view camera system market is categorized into the camera, ECU, display, and others. The display segment accounts for the largest market share and is also expected to grow at a higher CAGR during the forecast period. Displays are expensive components that make up the major share in the cost of the overall system. With the introduction of various technologies in a display, such as organic light-emitting diodes (OLED), plasma display panels (PDP), field emitter displays (FED) in the side view camera system, its overall market is expected to flourish in the upcoming years.

Global Side View Camera System Market - Regional Insights

Geographically, the global side view camera system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific region dominated the market in the year 2020 and is projected to witness the highest CAGR during the forecast period as well. The reason for this is the high automobile production volume in countries such as Japan, South Korea, China, etc. This region has an extremely high concentration of automobile market giants including Hyundai, Kia, Nissan, and Lexus, all of whom are highly motivated to adopt advanced technology to remain competitive, which drives the demand for side view camera systems.

Source: BlueWeave Consulting

Competitive Landscape

The leading market players in the global side view camera system market are Hyundai Mobis, Mitsubishi Electric Corporation, Continental AG, Samsung Electro-Mechanics, Valeo, Denso Corporation, Magna International, Stoneridge, Robert Bosch GmbH, Kyocera Corporation, Samvardhana Motherson Group, Gentex Corporation, Panasonic Corporation, Murakami Corporation, Brigade Electronics Group PLC, Tokai Rika Co. Ltd., and other prominent players.

The market is highly concentrated and dense due to the presence of giants who dominate a substantial share in the market. The companies target contracts and agreements with global automobile manufacturers like Tesla, BMW, Toyota, Ford, etc., to expand their market revenue and maintain demand. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, product approvals, and launches is also very prominent.

Recent Developments

• In July 2021, it has been reported that Samsung Electro-Mechanics has signed a USD 435.7 million deal with “the largest US EV maker” for the production of camera modules. This “EV maker” has not been disclosed yet.
• In June 2021, BMW filed a patent for the ‘virtual’ side mirror that projects images on window glasses. Their technology differs from the other automakers in terms of the display which will be projected on the semi-mirrored section on the vehicle’s side window.

Scope of the Report

By Camera Type

• Single Camera System
• Multi Camera System

By Component Type

• Camera
• ECU
• Display

1. Liquid Crystal Display (LCD)
2. Thin Film Transistor-Liquid Crystal Display (TFT-LCD)
3. Organic Light Emitting Diode (OLED)

• Others

By Vehicle Type

• Passenger Car
• Commercial Vehicle

1. Bus
2. Truck

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa